Photo by Val Vesa on Unsplash

Ever since millennials entered the workforce, we've been redefining career goals.

We're the generation that bore the gig economy, social media influencers, and the side hustle. We prioritized flexible hours, self-care and personal satisfaction in the workplace. We believed our dream job was out there if we just kept working to find it . But then, something shifted.

Call it disillusionment or just getting older, but the new millennial career dream is not having a job at all. Blame burnout in the digital age, where work-life balance is nearly impossible; or blame companies like Google and Facebook, who once topped the list of ideal employers before wage gaps, election hacking, privacy infringements and other scandals tarnished their reputations.

Whatever the reason, for some, the dream job has been replaced by the dream of early retirement. Enter the FIRE (Financial Independence Retire Early) movement—a rapidly growing collective of big-thinkers who are saving to retire by their 30s and early 40s.

Hard work pays offPractical Money Skills

FIRE sowed its seeds on Reddit forums and millennial money blogs—which preach the gospel of 70%, AKA saving 70% of your yearly income for a fixed amount of time. Attempting as much on an average salary involves a lot more than coupon cutting. Every penny saved—through blood, sweat, second jobs and serious downsizing—goes into income-earning investments like low-fee retirement accounts.

It may sound far-fetched, but for some 30-something savers, retirement is already a reality. In September, The New York Times profiled several individuals, formerly employed in tech, finance, creative, and recruiting fields, who have already called it quits on the working world.

While some FIRE folks have had the benefit of hearty six-figure salaries, others have managed to punch out their time cards indefinitely by maximizing more modest salaries. But fair warning: it isn't easy.

Members of the FIRE movement looking to retire ASAP work round the clock and pinch pennies to the extreme—we're talking no dinners out, no movies, no gym memberships, and no life until their retirement finances are in order.

So how much downsizing are we talking about? One couple, Scott and Taylor Rieckens—both in their 30s and earning a combined $160,000 prior to ditching their 9-to-5 jobs—moved their family from California to Oregon to scale back on rent, sales tax, and gas mileage. They also swapped one of their cars for a more cost-effective bicycle. But on the plus side, they no longer work day jobs and have more time to spend raising their child and developing pet projects.

The RieckensThe New York Times

"The whole retire early thing is unimportant to me. It's more about gaining control of your time," Scott, a former creative director, told the Times. "If you dive into the definition of retirement, what you're retiring from is mandatory labor. It's not necessarily about piña coladas on the beach."

Las Vegas residents Joe and Ali Olsen can attest to that. Both began as teachers in 2004, when they decided they wanted to work less and travel more. By taking on extra jobs—from teaching summer school to running fitness programs—they slowly but steadily increased their earnings by about 50% without increasing their spending habits.

Joe and Ali Olsen with their childBusiness Insider

"We kept driving the same cars... We also ate at home, a lot. Eating out was rare, and a treat," Joe told Business Insider in 2017.

The couple continued living on a $20,000-a-year household budget and saving around 75 percent of their combined $80,000 annual income until they accrued enough to buy a rental property. Then they bought 14 more.

"When we started acquiring rentals, friends and family would ask when we were going to move into one of these three-bedroom, 1,800 square feet places, rather than our tiny condo," Joe told Business Insider. "But we were happy where we were. We never felt like we were depriving ourselves, because simple pleasures were enough."

A search of the FIRE Reddit forum, which boasts around 430,000 subscribers, reveals that some of the biggest hardships are letting go of the small indulgences. One user bemoans saying goodbye to craft beer, another gave up bowling. One user misses pizza delivery the most, while a few gear-heads have traded in their prized wheels for used cars. But many agree that a life without Starbucks and gym memberships is worth the long-term independence.

While there's no precise formula for extremely early retirement, there are some hacks to get started, including setting up auto-recurring bank transfers that withdraws money at set times depending on your paychecks, so that portions are allotted to checking, savings and investments automatically.

"When it comes to investing, the most common investment strategy of FIRE folks is to max out traditional IRAs and 401(k)s and put the remainder of their money in low fee index funds," notes Vice's Shomari Wills, who covered the phenomenon back in June. "Compounding interest helps the money pile up faster."

Then there are the bargain-basement tricks that the Reddit community shares with each-other—from renting video games at the library, to coupon-ing, and maximizing credit card points and other hacks.

Every penny counts www.valpak.com

But for all the bargain-hunting brags, the journey to financial freedom can take its toll. "Anyone else tempted sometimes to 'give up?'" one FIRE Redditer asked, before describing another taxing day of work and hardcore savings.

While financial independence gurus like the blogger behind Mr. Money Moustache and author Vicki Robin have fueled the movement, it's not without its detractors.

"Individuals who retire early are choosing to stop their earned income, which is the greatest defense against life expenses," Hank Mulvihill, a Dallas-based senior wealth adviser warned Marketwatch readers. "This is a decision not to be taken lightly."

One issue with retiring so early is unexpected expenses— think surprise pregnancies or health issues. If emergency money is tied up in retirement funds, penalty fees for early withdrawals will set you back. The precarious state of the healthcare system also makes planning ahead a challenge.

Then there's the issue of putting your happiness on hold in the hopes of future financial freedom.

"Financial independence shouldn't come at the cost of your happiness as you work endlessly and never enjoy the fruits of your labor in fears of derailing your early retirement goals," writes Hank Coleman on Yahoo Finance.

Time to relax amp.businessinsider.com

Remember the Olsens? They have a different take. In 2015, just eleven years after entering the workforce, the couple had saved over $1 million, and decided to quit their teaching jobs in order to travel around the world. While they still oversee their many rental properties, they've gained the flexibility to pursue the dreams they never had time for before. They also keep a blog, Adventuring Along, where they chronicle their travels and offer financial and real estate coaching.

"Teaching was one of our lives," the pair shared on their blog. "We loved it, but we also love our new one of travel and kids. Financial independence gives us the ability to take the risks to explore these lives. Despite loving our jobs, we quit, and couldn't be happier."

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Home garden and porch

As anyone who has ever sold a house will tell you, you must prioritize curb appeal. Before a potential buyer even considers looking inside your house, they notice the outside first. Does it attract the right kind of attention? Does it take away from the feel you're going for? If you plan to sell sometime soon, you must think about these things. Here are some landscaping options to increase your home's curb appeal, so you can get the best price on your home.

Extensive Plants and Greenery

A barren front yard won't get you the price you want on your home. So, invest in at least a little bit of greenery to keep the surrounding area from looking too dead. Shrubs and bushes tie the house to the lawn that precedes it, and flower beds bring a pop of color to an otherwise drab structure. You can also strategically plant some trees to improve the overall feel of your home's exterior.

Lawn Care

As we mentioned, your lawn is one of the most prominent features of your home's exterior. A patchy, dried-up lawn will quickly drive your home's price way down. Some of the best landscaping options for your home's curb appeal involve improving your lawn for the next inhabitant. Overall fertilization, ground aeration, underbrush removal, proper mowing—all of these lawn care tasks contribute to a greener and more lively area that invites people to see your house, rather than stay away from it.

Paved Pathways

There's nothing like a broken and disheveled pathway to make someone think twice about buying a property. Just as you want the entryway in your house to be welcoming, so too should the pathway leading up to the house be inviting. The pathway from the street to your front door provides plenty of real estate to get creative with. You don't have to settle for a boring concrete pathway. Consider something more eye catching, like a cobblestone path or intermittent brick patterns, as a way to better welcome potential buyers.

Usable Outdoor Furniture

Landscaping doesn't just involve the ground you walk on; also included are the items you use as extras to the overall look. Outdoor furniture is one such extra that you don't necessarily need but can look quite attractive if done correctly. Staging is important with outdoor furniture. Old, broken-down pieces will only look like more work to the potential buyer. A few comfortable chairs, a bench, or a table with an umbrella really go a long way to improving your outdoor aesthetics.

A good tip for deciding on curb appeal items is to decide what you personally would want to see as a part of a welcoming home's exterior. You don't need to go overboard, but a little bit of forethought could net you quite a lot of extra cash in the sale.

Unfortunately, giving back can sometimes go haywire. If you're ready to make a donation, first consider common mistakes made when giving back.

Many people strive to support their community by donating their time or their money. When you find a meaningful cause, you might be quick to cut a donation check. Though it's admirable to be quick to act charitably, you should be wary of several common mistakes made when giving to charity. Being mindful of these mistakes and learning tips for making informed charitable choices can help you make the most out of your generous check.

Acting Quickly Out of Emotion

Mission statements are meant to be compelling. If you're an emotionally driven individual, it's natural to pull out your wallet at the sight of a sad puppy on TV or when informed about food insecurity over the phone. Unfortunately, not all charities are as effective or official as they may seem.

Take your passion for helping others one step further by making sure your chosen charity is legit. Speaking with a representative, reviewing their website and social media accounts, and looking at testaments online can give you a better idea of whether the organization is worth your donation.

Forgetting to Keep Record of the Donation

Don't forget that you can reap some financial perks from giving back! With the proper documentation of your donation, you can acquire a better tax deductible.

If you donate more than $12,400 as a single filer or $24,800 as one of two joint filers, you're eligible to deduct that amount from your taxes. So, when a charity asks if you'd like a receipt of donation, always answer yes.

Donating Unusable Materials

Most charities can utilize a monetary donation—it's the physical donations that usually cause some issues. Providing a local nonprofit with irrelevant materials or gifting them with unusable products are surprisingly common mistakes made when giving to charity.

Always check your intended charity's website for a list of things they do and do not accept. The majority of places will provide a guideline to donating or offer contact information to clarify any questions.

Strictly Giving at Year's End

As more and more people get into the holiday spirit at the end of the year, nonprofit organizations see an influx of donations. While it's great to spread holiday cheer via a monetary donation, it's important to keep that spirit going year-round.

With regular donations, charities can more effectively allocate their annual budget. Setting up an automatic monthly donation with the charity of your choosing can maximize your impact. You can account for a monthly donation by foregoing a costly coffee every once in a while.

Knowing how much you should spend on home maintenance each year is hard to figure out and may be preventing you from buying your first home. The types of costs you'll incur depend on the house you buy and its location. The one certainty is that you should start saving now. Read on to figure out how much to start setting aside based on the home you own.

The Age of Your House

Consider several factors when budgeting for home repairs. If you've purchased a new home, your house likely won't require as much maintenance for a few years. Homes built 20 or more years ago are likely to require more maintenance, including replacing and keeping your windows clean. Further, depending on your home's location, weather can cause additional strain over time, so you may need to budget for more repairs.

The One-Percent Rule

An easy way to budget for home repairs is to follow the one-percent rule. Set aside one percent of your home's purchase price each year to cover maintenance costs. For instance, if you paid $200,000 for your home, you would set aside $2,000 each year. This plan is not foolproof. If you bought your home for a good deal during a buyer's market, your home could require more repairs than you've budgeted for.

The Square-Foot Rule

Easy to calculate, you can also budget for home maintenance by saving one dollar for every square foot of your home. This pricing method is more consistent than pricing it by how much you paid because the rate relies on the objective size of your home. Unfortunately, it does not consider inflation for the area where you live, so make sure you also budget for increased taxes and labor costs if you live in or near a city.

The Mix and Match Method

Since there is no infallible rule for how much you should spend on home maintenance, you can combine both methods to get an idea for a budget. Average your results from the square-foot rule and the one-percent rule to arrive at a budget that works for you. You should also increase your savings by 10 percent for each risk factor that affects your home, such as weather and age.

Holding on to savings is easier in theory than practice. Once you know how much you should spend on home maintenance, you'll know what to aim for and be more prepared for an emergency. If you are having trouble securing funds for home repairs, consider taking out a home equity loan, borrowing money from friends or family, or applying for funds through a home repair program through your local government for low-income individuals.